Rule of 55 & Reducing Social Security Taxes
Many people who retire early can use the rule of 55 to avoid the 401(k) early withdrawal penalty. You Must Leave Your Job the Year You Turn 55—or Later. If you retire or are laid off in the calendar year you turn 55 or later—or the year you turn 50 if you’re a public service employee—you can withdraw funds from your current 403(b) or 401(k) plan without paying the early withdrawal 403(b) or 401(k) penalty.
Many Americans also pay taxes on Social Security benefits anywhere from 50% to as high as 85% because their combined income from Social Security and other sources pushes them above the very low thresholds for taxes to kick in.
You can use some strategies, before and after you retire, to limit the amount of tax you pay on Social Security benefits. In this short educational video we will cover how the rule of 55 could lead to lower taxes on your Social Security benefits.
🔴 SUBSCRIBE for more FREE tips: https://www.youtube.com/c/reti....rementeducationcente
🤝BECOME OUR CLIENT:
It only takes 2 steps
1. Complete an application.
2. Once application is complete, take our Color of Money Risk Analysis to help us assess your overall risk tolerance.
📲CONNECT WITH US ON SOCIAL MEDIA:
Facebook ➡️ https://www.facebook.com/Retir....ement-Education-Cent
LinkedIn ➡️ linkedin.com/in/carson-graves-22103413/
Website ➡️ https://www.getmyretirementeducation.com/
Insurance products and services are offered through Carson Graves, independent agent. Retirement Education Center, Carson Graves are not affiliated with or endorsed by the Social Security Administration or any government agency. All written content on this site is for information purposes only. Opinions expressed herein are solely those of Carson Graves, and our editorial staff. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell Investment Advisory Services to any residents of any State other than the State(s) Carson Graves, is registered or where otherwise legally permitted. Carson Graves, Retirement Education Center do not render tax, legal, or accounting advice. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Hyperlinks on this website are provided as a convenience. We cannot be held responsible for information, services or products found on websites linked to ours.